Ophelia

Ophelia

Provides medication-assisted treatment for opioid dependence

About Ophelia

Simplify's Rating
Why Ophelia is rated
B
Rated B on Competitive Edge
Rated A on Growth Potential
Rated C on Rating Differentiation

Industries

Healthcare

Company Size

201-500

Company Stage

Series B

Total Funding

$67.7M

Headquarters

Philadelphia, Pennsylvania

Founded

2020

Overview

Ophelia provides medication-assisted treatment (MAT) for individuals dealing with opioid dependence. Their approach focuses on helping patients manage cravings and withdrawal symptoms through scientifically-backed treatments, which are designed to be more private and convenient than traditional rehab methods. Ophelia operates by offering these medical services directly to patients, utilizing a team of doctors, scientists, and tech experts to ensure high-quality care. What sets Ophelia apart from its competitors is its commitment to eliminating the stigma associated with drug rehab, providing a discreet alternative that empowers patients to make their own choices. The company primarily serves individuals under 50, who are at a higher risk of opioid overdose, with the goal of transforming the treatment landscape for opioid dependence in the United States.

YC Company
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Simplify's Take

What believers are saying

  • Ophelia's designation as a Center of Excellence in Pennsylvania boosts its credibility.
  • Partnerships with insurers like Highmark Wholecare enhance patient access and retention.
  • $50 million Series B funding supports national expansion and integration with more payors.

What critics are saying

  • DEA's telemedicine flexibility expiration may limit remote prescription capabilities.
  • Increased competition in virtual opioid treatment could impact Ophelia's market share.
  • Medicaid policy changes might affect financial accessibility for Ophelia's services.

What makes Ophelia unique

  • Ophelia offers a virtual-first model for opioid use disorder treatment.
  • The company focuses on medication-assisted treatment, reducing stigma and increasing privacy.
  • Ophelia collaborates with major insurers to improve access to opioid addiction care.

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Funding

Total Funding

$67.7M

Above

Industry Average

Funded Over

3 Rounds

Series B funding is typically for startups that have proven their business model and need more funding to expand rapidly—often by entering new markets or adding more products. Investors are usually venture capital firms that specialize in later-stage investments.
Series B Funding Comparison
Above Average

Industry standards

$35M
$45M
Linktree
$50M
Ophelia
$65M
Substack
$100M
ClickUp

Benefits

Remote Work Options

Health Insurance

Vision Insurance

Dental Insurance

Paid Vacation

Paid Holidays

401(k) Retirement Plan

Home Office Stipend

Growth & Insights and Company News

Headcount

6 month growth

5%

1 year growth

1%

2 year growth

-2%
Hit Consultant
Apr 17th, 2024
Pennsylvania Names Ophelia First Virtual-First Opioid Use Disorder Center Of Excellence

What You Should Know: – Ophelia, a leading provider of virtual care for opioid use disorder (OUD), has been designated as a Center of Excellence (COE) by Pennsylvania’s Department of Human Services. – The milestone achievement makes Ophelia the first statewide and virtual-first COE in the state, offering a critical new access point for Pennsylvanians battling addiction. By offering a virtual-first treatment model, Ophelia complements existing resources and expands access to life-saving care for thousands of Pennsylvanians struggling with OUD.Addressing Pennsylvania’s Public Health CrisisThe opioid epidemic continues to devastate Pennsylvania, claiming the lives of an average of 14 residents daily. This number tragically surpasses the national average by a factor of two. The COVID-19 pandemic and the rise of synthetic opioids like fentanyl have further exacerbated overdose deaths in recent years.Ophelia’s Virtual-First Model Increases Access to TreatmentIn response to this crisis, Pennsylvania established the COE program in 2016. It aims to break down barriers to comprehensive care for patients with OUD and increase access to medication-assisted treatment (MAT), a proven therapy that can reduce overdose deaths by 76%. Ophelia’s COE designation signifies that their virtual-first care model meets the program’s rigorous standards for evidence-based treatment.Virtual Care: Effective, Accessible, and LifesavingOphelia’s virtual-first approach removes geographical and logistical barriers typically associated with traditional in-person treatment

PR Newswire
Mar 20th, 2024
Collaboration With Ophelia Provides Highmark Wholecare Members Collaboration With Access To Opioid Use Disorder Treatment

Pennsylvania saw nearly 15 drug-related overdose deaths a day in recent yearsHalf a million Medicaid recipients diagnosed with opioid use disorder do not receive medication-assisted treatmentCollaboration with Ophelia provides Highmark Wholecare Medicaid and Dual Special Needs members access to life-saving medication-assisted treatment via telehealthNEW YORK, March 20, 2024 /PRNewswire/ -- Ophelia , an opioid addiction care provider, today announced a collaboration with Highmark Wholecare to provide access to high-quality, safe opioid use disorder (OUD) care services via telehealth to Highmark Wholecare's Medicaid and Dual Special Needs Plan (D-SNP) – individuals with both Medicaid and Medicare insurance – members. Ophelia has been part of Highmark Wholecare parent company Highmark Health's network in Pennsylvania since July 2021, serving 2.9 million commercial members. The new relationship offers Highmark Wholecare's 320,000 Medicaid and 40,000 D-SNP members in-network coverage for medication-assisted treatment (MAT), an evidence-based approach to OUD care that's considered the gold standard by the Centers for Disease Control and Prevention (CDC).In 2021, Pennsylvania experienced nearly 15 drug-related overdose deaths every day – twice the national average. According to the CDC, synthetic opioids (including fentanyl), which are increasingly found in counterfeit pills, were some of the primary drivers of the increase in overdose deaths in the past several years. Yet 32% of insured Pennsylvanians reside in a zip code with no publicly listed provider who can prescribe life-saving buprenorphine , a medication approved by the Food and Drug Administration to treat opioid use disorder.In addition to treatment deserts and localized provider shortages, people with OUD tend to experience financial hurdles when seeking treatment. Many treatment options do not accept commercial health insurance or Medicaid and have expensive out-of-pocket costs

PR Newswire
Mar 5th, 2024
Study Shows In-Network Insurance Coverage Significantly Improves Opioid Use Disorder Treatment Retention

The eight-month study spanned over 3,800 patients receiving telehealth-based opioid addiction care and found that those with in-network insurance benefits had successful six-month retention rates 50% greater than those required to pay cashThe study calls attention to the detrimental effects Medicaid redeterminations pose to beneficiaries receiving opioid use disorder treatment and the need for commercial health insurers to increase functional coverage for life-saving treatmentNEW YORK, March 5, 2024 /PRNewswire/ -- Ophelia , an opioid addiction care provider, today shared the results of its latest patient study, which observed retention rates for both in-network and cash-pay patients receiving telehealth-based opioid treatment (TBOT). Published in Health Affairs , the peer-reviewed study found that patients receiving opioid treatment via in-network insurance overwhelmingly (72.3%) stayed in treatment for at least 180 days in comparison to those who were either out-of-network or uninsured and paying for treatment with cash. Results highlight how insurance status impacts treatment retention rates and that not having in-network benefits can create a significant financial hurdle to receiving quality, life-saving care.Conducted from January to September 2022, the study analyzed 3,842 patients – 1,613 in-network patients and 2,229 cash-pay patients – with opioid use disorder (OUD) receiving evidence-based medications for OUD treatment via telehealth from Ophelia. The study aimed to understand the relationship between insurance status, payment source, and outcomes among patients with OUD on telehealth platforms and any unintended impacts of post-pandemic Medicaid policy changes.The study results highlighted a disparity in treatment retention rates that was simply not a difference between insured and uninsured patients. Patients who had to pay cash, even if insured (because their plan was out of network), had significantly worse retention, undermining the progress they could otherwise be making in their health and OUD treatment plan. In-network patients were predominantly Medicaid beneficiaries; patients who were insured but out-of-network or uninsured paid a flat $195 monthly fee

Benzinga
May 24th, 2023
Ophelia Expands Access To Opioid Addiction Treatment Across New York State, Now In-Network With Mvp Healthcare

Ophelia's partnerships with major New York health insurers give over 600,000 people access to evidence-based opioid addiction treatmentNew York State Department of Health's Opioid Quarterly Report showed a 14% increase in overdose deaths involving opioids in 2021 compared to 2020Medicaid coverage, insurance coverage, and financial hardship are top barriers to safe and effective addiction care for opioid usersNEW YORK, May 24, 2023 /PRNewswire/ -- Ophelia , an opioid addiction care provider, today announced a partnership with health insurer MVP Healthcare , further expanding access to its evidence-based medication-assisted treatment via telehealth across New York state. As a result of these partnerships, access to Ophelia is now available to MVP Healthcare's members in New York, including their Medicaid members. Medicaid patients are historically underserved and face many hurdles to accessing high-quality and safe opioid use disorder (OUD) care services.Medication-assisted treatment, known as MAT , is considered to be the most effective treatment for OUD and involves the use of both medications and counseling or behavioral therapies. Research shows that MAT reduces overdoses by 76% and ER visits by 32%, yet two of three programs do not include a medication-assisted component in treatment plans.Nearly 80% of Americans living with OUD do not receive any form of treatment. When people do seek treatment, it's typically required that they visit a provider in person at a clinic to receive a prescription, which can be burdensome for many people. Ophelia's treatment model lowers barriers for people to receive life-saving OUD support, allowing them to receive treatment in the privacy of their homes

PR Newswire
May 11th, 2023
Ophelia Applauds The Dea'S Extension On Flexibilities

The DEA's extension continues access to lifesaving treatment for people struggling with opioid use disorder (OUD)Opioid overdose is the #1 cause of death for Americans under 50.NEW YORK, May 11, 2023 /PRNewswire/ -- Opioid addiction treatment provider Ophelia applauds the DEA's "Temporary Extension of COVID-19 Telemedicine Flexibilities for Prescription of Controlled Medications" that was issued yesterday . The temporary rule maintains continued access to lifesaving care for current and future patients undergoing OUD treatment via telehealth.The newly issued temporary rules will go into effect on May 11, 2023, when the COVID-19 public health emergency (PHE) officially expires. The rule extends the full set of telemedicine flexibilities enacted during the PHE for another six months until November 11th, 2023. Patients who have established a relationship with a telemedicine provider by that date will have 12 months to complete a physical exam in order to remain in care. Earlier this year, the DEA announced proposed rules that were far more restrictive but received an astounding 38,000+ comments from the medical community, advocacy groups, patients, and families. The DEA will use the 6-month extension to review these comments and incorporate them into a revised final rule.Ophelia provides medication-assisted treatments (MAT) for opioid use disorder, the gold standard of care according to the CDC, AMA, and SAMHSA

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